KOHO Financial subsidiary seeks bank charter

Summary#

15391326 Canada Inc., a wholly owned subsidiary of KOHO Financial Inc., says it will apply to become a bank under the name KOHO Bank (French: Banque KOHO) under the Bank Act. People can object to the plan with the Office of the Superintendent of Financial Institutions (OSFI) by April 27, 2026; publication of the notice does not mean approval will be granted.

What it does#

• 15391326 Canada Inc. intends to file an application with the Office of the Superintendent of Financial Institutions (OSFI) asking the Minister of Finance to issue letters patent to continue the company as a Schedule I bank under the Bank Act.
• If granted, the company would carry on the business of banking in Canada under the names KOHO Bank and Banque KOHO.
• Anyone who objects may send written objections to OSFI (address given in the notice) on or before April 27, 2026.
• The notice says publication is not proof the bank will be approved; approval depends on the normal review and the Minister’s decision.

Who's affected#

• Customers and users of KOHO Financial Inc. and its products are the most likely to notice changes if the company becomes a bank.
• Competing banks, fintech companies, and financial-sector watchers may also be interested.
• The general public and anyone who wants to object can contact the Office of the Superintendent of Financial Institutions (OSFI) by the deadline.

Why it matters#

• If approved, KOHO Bank would be able to operate as a bank in Canada, which could change what services the company offers to its customers.
• The move is part of how fintech firms can grow into full banking institutions; it could affect choice, pricing, or services in the consumer banking market.
• The decision is not final; it will be subject to regulatory review and the Minister’s discretion, and members of the public had a chance to raise concerns before April 27, 2026.